July 24, 2018 / 12:07 PM / a year ago

Hochtief confirms outlook on strong order backlog

FILE PHOTO: Workers of German construction company Hochtief stand next to the company's logo at a construction site in Essen, western Germany March 8, 2016. REUTERS/Wolfgang Rattay

FRANKFURT (Reuters) - German construction firm Hochtief (HOTG.DE) confirmed its outlook on Tuesday thanks to a rise in margins and sales in the second quarter and as the company’s order backlog increased by 7 percent.

Sales increased by 1.2 percent in the quarter, to 5.94 billion euros ($6.95 billion), while net profit increased to 131 million euros, from 100.8 million euros in the year-earlier period.

Hochtief’s new orders fell 3.3 percent in the second quarter, to 6.08 billion euros, while its order backlog increased by 7 percent, to 45.58 billion euros, the company said.

Hochtief confirmed its guidance for an operational net profit in 2018 in the range of 470–520 million euros.

Reporting by Edward Taylor; Editing by Douglas Busvine

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